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Delaware Statutory Trust vs. Triple Net Lease

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Common Questions

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Glossary Definitions

condominium

A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership.

comparable sales

Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as “comps.”

community property

In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area.

common law

An unwritten body of law based on general custom in England and used to an extent in some states.

common areas

Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project’s homeowners’ association (or a cooperative project’s cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.

common area assessments

In some areas they are called Homeowners Association Fees. They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas. (top)

commission

Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Realtors generally earn the largest commissions, followed by lenders, then the others.(top)

collection

When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to “collection.” As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property.

collateral

In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.

co-borrower

An additional individual who is both obligated on the loan and is on title to the property.

Pages: 123456789101112131415161718192021222324

Helpful Articles

Delaware Statutory Trust vs. Triple Net Lease

1031 Exchange Real Estate Basics

1031 Exchange Requirements

Common Questions

Learn Through Video

Glossary Definitions

(281) 466-4843

[email protected]

Book A Strategy Call

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The Woodlands, Texas 77380

Resources

Helpful Articles

Delaware Statutory Trust vs. Triple Net Lease

1031 Exchange Real Estate Basics

1031 Exchange Requirements

Common Questions

Learn Through Video

Glossary Definitions

(281) 466-4843

[email protected]

Book A Strategy Call

25511 Budde Road, Suite 1002 The Woodlands, Texas 77380

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25511 Budde Road, Suite 1002
The Woodlands, Texas 77380